Prudential Financial profit rises on US business strength

(Reuters) -Prudential Financial reported a rise in first-quarter profit on Wednesday, bolstered by strong underwriting at the insurer’s U.S. unit which offset declines in its investment management business.

Market uncertainty sparked by U.S. President Donald Trump’s tariff policy moves clubbed with environmental problems forced individuals and businesses to spend more on insurance policies in the reported quarter.

The Newark, New Jersey-based company’s U.S. businesses posted adjusted operating income of $931 million in the quarter ended March 31, up from $805 million in the year-ago quarter.

PGIM, Prudential’s global investment management business, reported an adjusted operating income of $156 million in the quarter, down from $169 million a year ago.

Assets under management came in at $1.52 trillion in the first quarter versus $1.5 trillion a year ago.

The company’s after-tax adjusted operating income came in at $1.19 billion, or $3.29 per common share, in the January-to-March period, compared with $1.12 billion, or $3.05 per share, a year earlier.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)